Frustrated that on St Martin’s in the Isles of Scilly (and presumably at quite a few more remote areas where there isn’t an ATM) I can’t use my Monzo card (like almost every other bank) to withdraw cash from the Post Office counter. It is in a sense a double blow because in communities with less facilities cash is often used more extensively. Why do Monzo not have the agreement in place with the Post Office like every other bank? And please don’t tell me that I can deposit cash at the Post Office - I know, and that is clearly not relevant to this post!
It costs money.
To add a little more context, the big players (Lloyds, Barclays etc) customers are far more likely to depend on a Post Office for handling their deposit and withdrawals over your digital only platforms (Monzo, Revolut).
These customers most likely used the branches frequently before they closed. The agreement with the PO will be far less than their own branch costs.
It’s a commercial agreement between the PO and banks, and I can’t imagine it’s cheap. But given the bigger players are more dependent on it, the digital platforms won’t find it worthwhile.
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Personally, if I did live on the Isle of Scilly, or another remote area, although it might sound harsh, I’d have to accept that I’d need to bank with who is in my area. So, I probably wouldn’t consider Monzo.
Monzo could make it slightly easier if they became a member of Link - which should at least mean that if there are any ATM’s around, you should be able to use them. Checking the Link page - Banks can become members as a ‘Card Issuer Only Member’ and don’t have to run their own ATM network although I also assume there’s membership fees to be paid.
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If the link machine also accepts Mastercard, it should work.
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